Listed real estate developer, Omaxe, is planning to launch projects spread over approximately 1,200 acres across Tier II and Tier III cities in Uttar Pradesh, Madhya Pradesh, and Punjab in the next four years with an expected investment of around Rs 4,000 crore, the company’s top official told Moneycontrol.
“Tier II cities offer higher returns than Tier 1 cities. While we have launched two luxury projects in Lucknow, we are now planning to launch projects in Indore, Ujjain, and Ratlam in Madhya Pradesh; Amritsar, Bhatinda, and Chandigarh in Punjab and Lucknow, Gorakhpur, Allahabad, and Vrindavan in Uttar Pradesh,” Mohit Goel, Managing Director, Omaxe said.
Omaxe is currently active in Lucknow but plans to enter more cities in Uttar Pradesh going forward. The total investment for Uttar Pradesh is likely to be around Rs 2,500 crore for the next four years. This would be across the residential, commercial, and retail segments.
In Gorakhpur, the company is planning to establish a township spread across 100 acres (approximately). The company has entered into a Memorandum of Understanding for the development of the township on land measuring roughly 57 acres. This is expected to comprise plots and villas and is likely to be launched in May or June next year. Omaxe is also planning to launch a project in its existing townships in Allahabad and Vrindavan by next year.
The company’s investment in Madhya Pradesh will likely be around Rs 750 crore, spread over the next four years. In Indore, Omaxe is planning to set up a fourth township, spread across 300 acres (approximately) “We are also planning a 73-acre township in Ujjain. We are hoping to launch both the Indore and the Ujjain projects this fiscal,” Goel said. Omaxe is also planning to acquire a 35-acre land parcel in Ratlam. “Plotted and mid-segment projects are expected to come up across these three cities,” he said.
Omaxe is planning to invest around Rs 750 crore in Punjab spread over four years. A new township spread over 250 acres is expected to come up in Amritsar. “These would primarily be plots,” Goel said. Omaxe is planning to acquire mixed-use land in Amritsar and a township spread across 100 acres is expected to be launched in Ludhiana next fiscal. In Chandigarh, Omaxe is planning to launch a 15-acre shop-cum-offices project and in Bhatinda, it is exploring an expansion over 40 acres.